SHANGHAI, Jul. 2 (SMM) – Spot copper offers were between discounts of negative RMB 50/mt and premiums of positive RMB 50/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,750-55,820/mt, and RMB 55,800-55,900/mt for high-quality copper. As SHFE copper prices moved lower after a high open, the SHFE/LME copper price ratio fell. Cargo-holders in spot markets failed to always maintain premiums during the first trading day of July, as consumers resisted relatively high copper prices. Downstream producers kept on the sidelines, leading spot copper premiums to fall and even turn into discounts. Traders who hedged against copper price volatility made purchases, but overall market transactions were limited.